Loans Den is a product of Yellow Slice Hack Day, a mobile app solution by Omkar and Aashvi, who came up with a design solution focused on simplifying the process of loan application for users.
Problem Statement
At one point in our lives, we have considered borrowing money or taking loans to satisfy a heart desire or make more money. Whatever the reason, we can come to a common ground that borrowing can be such a pain.
Here are 4 Key reasons why a larger number of users are not signing up for loan apps:
- The process of documentation is too lengthy, rigid and old
- High interest rates and little EMI time frame
- Lack of financial literacy to effectively use the loan
- Risk of cyber and financial security
Solutions
Our designers have devised solutions to these problems and extensively researched the needs and expectations of a potential loan collector.
- Users can explore various loan options easily.
- A simple live update in the loan application process and repayment to increase ROI by 2X.
- Financial and technical assistance to users at all times
- Rewards for prompt EMI repayment
- Financial adviser for each user to help and supervise the use of funds.
Expected outcome
The expected outcome is to give a whiff of the success of the solution and serve as a subtle metric.
- The reward system will encourage users to pay back on time
- 20% of Users will have the clarity to make a sound financial decision
- The assistance will reduce customer churn rate by 15%
- The documentation process will be reduced by half the time, energy and resources.
- Loans Den should reach 1000 users within three months of deployment
- In-app messaging will improve the quality of communication and reduce the complaint rate.
Onboarding
Exploration
Management
